Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2023

• 17 February 2023 4:25 am

  Fed’s Mester: A recession could happen as rates rise

  

  Cleveland Fed President Loretta Mester said as the Federal Reserve’s higher interest rates slow the economy, a recession may result, though it’s not part of her baseline forecast and is not what the central bank wants.US Dollar Index prints mild gains around 104.15 as bulls flirt with the six-week high …

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• 17 February 2023 4:06 am

  US official: Russia’s crude output cut signals unsold oil

  

  The decision by Russia to cut crude oil output by 500,000 barrels per day reflects its inability to sell all of its oil according to Ben Harris, US Treasury Department Assistant Secretary. Russia’s Deputy Prime Minister Alexander Novak last week said it would voluntarily cut output beginning next month following …

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• 17 February 2023 2:39 am

  How Can Traders Interpret Remarks By ECB’s Fabio Panetta?

  

  Several calls, such as the one made by ECB board member Fabio Panetta to convert to smaller rate increases, have been made as a result of the lower-than-expected energy costs in Europe this winter.The ECB’s board member appointed by Italy, Panetta, urged caution, claiming that the economy had not yet …

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• 17 February 2023 12:59 am

  US stocks decline as price, jobs data fuel rate hike concerns

  

  Wall Street fell on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the Federal Reserve will keep raising interest rates to tame high prices. Decline in jobless claims, showed the economy is holding up amid the Federal Reserve’s rate hikes. The …

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• 16 February 2023 11:56 pm

  Gold rallies after brief reaction to stronger PPI reading

  

  Gold is trading around $1845 per ounce at the time of writing versus the previous closing price at $1835.60. Earlier on Thursday, the precious metal’s price action headed lower, to record fifth decline in six sessions, as the US dollar rallied further following the release of stronger-than-expected U.S. producer price …

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• 16 February 2023 9:22 pm

  USD/JPY hits weekly high of 134.46

  

  After reaching a daily high of 134.46, the USD/JPY stabilized around the 134.00 level, while bears intervened at the weekly highs and drove prices lower.The pair turned directions and suffered only slight losses of 0.08%. The USD/JPY pair is trading around 134.10s on Thursday. Negative divergence between oscillators and price …

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• 16 February 2023 8:17 pm

  BOC to hike rates if inflation doesn’t decline

  

  “If evidence begins to accumulate to show that inflation is not declining in line with forecast, we are prepared to raise policy rate further, Bank of Canada Governor Tiff Macklem said while testifying before the Standing Committee on Finance. USD/CAD showed no immediate reaction to these comments and was last …

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• 16 February 2023 7:23 pm

  EUR/USD turns negative below 1.0700 on US dollar’s recovery

  

  The EUR/USD pair is now adding to Wednesday’s decline below 1.0700. The pair is trading at 1.0656 at the time of writing. The US Producer Prices rose more than estimated in January. Another data-led rebound of the US dollar has put the EUR/USD pair under pressure and dragged it to …

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• 16 February 2023 7:03 pm

  Robust Retail Sales Recovery Gives Fed More Room to Raise Rates

  

  The actual figure for US retail expenditure in January much above even the most optimistic projection, contrary to what economists had anticipated. Yet, for the time being, the Federal Reserve’s vigorous campaign to manage inflation by lowering economic activity is failing.  Retail sales spiked 3.0% last month after reports that …

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• 16 February 2023 6:16 pm

  US: Weekly Initial Jobless Claims declined to 194K

  

  There were 194,000 initial jobless claims in the week ending February 11, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 195,000 and came in slightly better than the market expectation of 200,000. Further details of the …

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• 16 February 2023 4:41 pm

  Standard Chartered launches a share buyback program and raises its targets

  

  Standard Chartered raised its performance targets, unveiled a $1 billion share buyback program and posted a 28 percent increase in annual profit after higher global interest rates boosted its lending revenue. The bank said about 10 percent of its overall profit growth came from interest rates as central banks raised …

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• 16 February 2023 3:48 pm

  Gold is stable with the decline in the dollar and treasury bond yields

  

  Gold prices stabilized on Thursday due to a slight decline in the dollar and Treasury yields, but gains remained limited due to signs of the strength of the US economy, which may allow the Federal Reserve to raise interest rates again. And by 0920 GMT, spot gold rose 0.1 percent …

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• 16 February 2023 3:44 pm

  Oil is falling after a significant increase in US crude inventories

  

  Oil prices fell on Thursday after a large build in US crude inventories, but continued to move in a narrow range as hopes for a recovery in demand from China remained in focus. And by 1042 GMT, Brent crude futures fell 36 cents, or 0.42 percent, to $ 85.02 a …

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